All Forum Posts by: Shawn Ackerman

@Duane A. Snow Milwaukee is a great market to invest in. There is a great selection of SFR's and MFR's. I'd say consider split testing the SFR and LTR approach. You can try this with a duplex. Location will matter oncourse so be mindful of that. Is your strategy more monthly income focused or appreciation?

@Zoe Brennan I started with $3K cash and $8K in credit cards. I invested it into marketing direct to seller in the Milwaukee WI. My home market is NY. It has been a grind for sure. I am not going to sugar coat it, going direct to seller is a FULLTIME MECHANICAL "JOB" but I was able to build a rental portfolio from doing this day in and day out. Now I have VA's that do the cold calling/cold texting but that is how I'd suggest starting with $25K. I'm not sure what market you are in but for me MKE was a cash flow market which is the type of RE I was most interested in as replacing my 9-5 income was top priority.

You will need to have the time, understand how to underwrite a real estate deal, understand how to market to buyers and sellers and have the ability to build a team on the ground in the market you choose.  All the best on your journey!!

Hi @Aidan Jones congrats on getting things moving with your investing career.  I'm a Ny'er and own a wholesaling business in the Milwaukee Market.  I never could get a foothold into the NY wholesaling community because of the Atty involvement in contracts.  Do you write your own assignable contracts or you have an Atty do it? In WI we write our own so things are much easier.  

We also buy the rentals we lock up and offload some too so I'd suggest doing your marketing in the market where you want to build your portfolio.  It just makes things so much easier because you will have the infrastructure already built.  All the best!

@Robert Ok I think it would be advisable to start your REI journey with a "Deal". And a deal in my opinion is one that will 1. pay for itself(All property expenses) and 2. pay the debt service(if necessary) and 3. put money into my pocket each month.

I began with a single family however I would have started with a 2 or 3 family if the deal penciled out and I had the capital.

Hi @Todd M.We use the Eufy Floodlight cameras and they work over WIFI/Record 24/7 and comes with an app to view on our phone.  We have a 10-Unit apartment building in Milwaukee.  I'm not sure what you are referring to with the access panel but the camera's work just fine.  We pay $55 per month for Wife and each cam was $220x4-There is also cloud recording(up to 10 cams) for $9 per month. 

Best of luck!

Welcome @Bianca Meza all the best on your real estate journey!!

@Joe S. You got it exactly!! The seller wanted the mortgage payments to go to his home address and that caused the confusion as the buyer didn't get any notification of the mortgage payment change.  I think post like these are reminders of the nuances involved in this tine of creative deal making.  

Hi @Karen Silerio We look at 2 persons per bedroom as our rule of thumb

@Don Konipol Great topic man! 

We have done our fair share of Sub2 deals and have had a great experience(As the buyer). There was one time when we assigned a sub2 deal and the assignee and seller did not communicate on the escrow analysis and mortgage payment amount change. The assignee was sending in the old payment when the new payment went up slightly. This lead to 3 months of late payment which ended up on sellers credit report.

Weve gotten most of our sellers paid off within 12 months which is what we discussed with them at acquisition. 

"SAFELY"????  I can't see it being very safe for the seller.  I think the more skin the buyer has in the game the better off the seller would be. but a $100K note with $6500 to reinstate and $15K in repairs? I think a seller would be in a better position in this scenario than selling a property Sub 2 that is current, minimal down payment from buyer and little repairs needed. 

Hello @Tara Josberger Congrats on getting started with your real estate journey! If you are considering long term holding always remember to include your reserves for cap ex, maintenance & vacancy.  Be conservative and understand how to walk away from an "OK deal"

All the best!